Network Ltd. Company History and Annual Growth Details

YEAR EVENTS1989 - The Company was Incorporated on 25th January, in the name of Network India, Ltd. and the name was changed to Network Ltd., effective 9th November, 1990.

- Network Ltd., was promoted by Shiv Nadar and A.K. Dang. In accordance with the scheme of amalgamation, 51,00,000 No. of equity shares of Rs.10 each in the Company were allotted to the erstwhile shareholders of ICNL. With this, ICNL and INSL stood dissolved without winding up.

- Under the scheme of arrangement and amalgamation, Network Ltd., acquired the whole business together with the assets and liabilities of Indian Communications Network Ltd. (ICNL), and its subsidiary Indian Network Systems Ltd. (INSL) effective from 1st January, as per the approval received from the High Court of Delhi. The amalgamation became effective from 31st March, 1990.

- The installed capacity of ETW plant increased from 6000 units in 1987 to 25,000 units in 1988-89. The installed capacity of ribbons increased from 8 lakh numbers of cartridges in 1988-99 to 16 lakh nos. in 1990-91, at its facility at B-73, Sector 2, Noida, U.P.

- The Company produces 75 different models priced from a low end product to high end work processor. These products use a range of displays that vary from standard on line liquid Crystal display to full page display. These products provide facilities to operate in a bilingual environment whether in Hindi Gujarati, Marathi or Russian. The versatility of the product can be enhanced by adding a floppy disk drive and computer interface.

- The Company has collaboration agreement with Canon Inc., Japan for licence and technology to manufacture ETWs, interface units and other optional apparatuses using parts, accessories and consumables. In return for the services rendered, an initial sum of 30 million Japanese Yen was paid and a royalty was payable at the rate of 3% of the net ex-factory sale value of all licensed products manufactured by the Company for a period of 5 years effective 1st April, 1987.

- It also entered into a technology transfer agreement with Medison Co. Ltd., S. Korea for technical information and patents relating to the contract products diagnostic ie., ultrasound scanners. In return, the Company was to pay a technical know how fee of US $2,00,000 (subject to Indian taxes) in three equal instalments and an annual royalty of 3% of the net ex-factory selling value for a period of 5 years from the date of commencement of commercial production.

- The Company was also in an advanced stage of collaboration with Canon Inc., Japan for the manufacture of Facsimile machines and newly designed Cannon ETWs and Word Processors. Terms of collaboration as approved by RBI are a lumpsum technical know-how fee of 40 million Japanese Yen, 5% royalty on domestic sales and exports for a period of 5 years.

- During the year, the new XP series of Electronic Type Writers were launched which were designed and developed indigenously. Also, the Company's new plant for ribbon cartridges went into full scale production.

- The Company signed a Distributorship agreement with Picker International, USA., a fully owned subsidiary of General Electric Company of U.K. for exclusive sale, installation and service Medical Diagnostic Imaging Equipment manufactured by them.

- The Company has also an agreement with Robert Bosch GmbH, Germany for sale of computerised controls and programmable controls.

- The Company proposed to float a 100% subsidiary company called 'Network Finliase Ltd.' to mobilise funds to fuel growth.

1990 - The Company proposed to open an office at Moscow with the approval received from the Russian Government authorities.

- A new range of ETWs under the brand name 'Lasernet' were launched.

- 7 shares subscribed for by signatories to the Memorandum of Association. 51,00,000 shares allotted without payment in cash to shareholders of Indian communication Network, Ltd. as per scheme of Amalgamation.

1991 - The Company launched 'Nevus' an ultrasound diagnostic scanner at its facility located at NOIDA. This was manufactured under technical collaboration with Medison Co. Ltd., S. Korea.

- In addition, RBI's permission was obtained to enter into collaboration with Canon Inc., Japan for the manufacture of Facsimile machines and newly designed Canon electronic typewriter and word processors.

- The Company launched a range of five facsimile machines to further strengthen its office automation market.

- 13,44,000 shares allotted (prem. Rs.12.50 per share) in part conversion of debs.

1992 - Three additional models of electronic typrwriters under a new brand name 'Lasernet' were launched. With extensive effort an indigenisation, the company proposed to introduce a special low priced electronic typewriter.

- During January-February, the Company issued 6,72,000 - 15% secured redeemable partly convertible debentures of Rs.125 each of which 33,600 debentures were offered to the employees on preferential allotment basis (only 16,550 debentures taken up).

- The remaining 6,38,400 debentures along with 17,050 debentures not taken up under employees quota were offered to the public (all were taken up).

- Rs.45 of the face value of each debenture was to be converted into two equity shares of Rs.10 each at a prem. of Rs.12.50 per share on the date of allotment of debentures. Accordingly 13,44,000 shares were allotted on 26.3.1992.

- The remaining Rs.80 of the face value of each debenture was to be redeemed at par in three annual instalments at the end of the 6th, 7th and 8th year respectively from the date of allotment of debentures.

- A high powered portable notebook computer with an in-built bubble jet printer was also launched.

- The Company undertook to manufacture and sell Medical Diagnostic Equipment such as Ultrasound Scanners at its existing facilities.

1994 - Canon QS series of electronic typewriters and faxes in alliance with Col-Comp Inc., Taiwan were launched.

- Also the Company introduced Fresh N Air purifier an innovation in cutting out air pollution at homes and offices. The Company proposed to introduce new products in plain paper faxes and non Impact printers.

- The Company proposed to enter into the Telecom Services areas confering VSAT, cellular telephones, paging, video conferencing and other such related areas.

- The Company entered into a joint venture agreement with Pieker International Inc. of USA to form a company viz. Network Pieker Ltd. for the manufacture and sale of diagnostic imaging systems including CT Scanners and NRIs.

- The Company has 18 Regional offices in India, 70 dealers handling ETWs and consumables and plans to expand it to 90 dealers.

2004

-Delists Shares from Delhi Stock Exchange

-Network Ltd has informed that the company's equity shares has been delisted from The Ahmedabad Stock Exchange Association Ltd wef March 31, 2004.

2007

-Network Ltd has appointed Mr. Vijay Kalra as an additional director of the Company w.e.f. January 10, 2007.

-Network Ltd has informed that the Company has signed an agreement with 'HANOWA LTD' of Switzerland as Sole Distributor for Watches in Indian Domestic Market.

2009

- Network Ltd has informed that Mr. G S Goyal has been appointed as an Additional Director of the Company w.e.f. June 30, 2009.

2010

- Network Ltd has appointed Mr. Aman Sawhney as an additional director of the company w.e.f. May 17, 2010. Mr. Sawhney is also the Manager of the Company u/s 2(24) of the Companies Act, 1956.